Novogratz: “Registered Investment Advisers (RIA) will be next wave of Bitcoin Bulls”

Novogratz

Mike Novogratz, Galaxy Digital CEO, believes Bitcoin is still some way off to become a hotshot for institutional investors. Despite the challenges, Novogratz said a few fixes on Bitcoin will see an increased adoption rate from the registered investment advisers (RIAs) as they continue looking at the field with envy. He further commented on the possible acquiring of TD Ameritrade by Charles Schwab to start buying and selling of Bitcoin based assets.

Novogratz: “RIAs are the next wave of investment in institutional Bitcoin products”

In a Context Summits Miami conference on financial investing, Galaxy Digital CEO, Mike Novogratz said RIAs are set to be the next wave of investors into institutional grade Bitcoin products. The rise of investment apps such as Fidelity which allow users to easily invest in Bitcoin products opens the gateway for these investment advisers to be exposed to the digital asset.

According to a Bitwise and ETF trends report, over 9% of registered investment advisers are exposed to cryptocurrencies on their portfolios. While this represents only a fraction of the vast network of RIAs, the crypto market is getting more attention from the traditional financial advisers.

The average allocation of crypto among RIAs remains low at 6%, as the regulations remain tight in investing in digital assets. However, according to the responses on the Bitwise report, the field is slowly changing with the percentage expected to double in the coming year.

A rivalry in Bitcoin financial investment

In other news, Novogratz told the conference, TD Ameritrade, a rival of Galaxy Digital in institutional crypto investment, was closing in to be acquired by Fidelity, a Bitcoin provider. However, in late November 2019 the move failed with TD Ameritrade instead joining Charles Schwab.

However, no official statement has been released by any party. Furthermore, Charles Schwab is yet to offer any services to buy and sell Bitcoin and BTC Futures.

Bitcoin (BTC) trades at $9,300 USD across major exchanges, representing a slight 0.96% increase in the past 24 hours. Mike expects the value of BTC to hike in the coming years as more institutional investments takes up the pioneer cryptocurrency. Can BTC build itself as a reliable store of value?

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